Older buildings can be an issue, we had to put some spray foam around the heat pipe entries. 

I will check with my city officials on this issue as they've likely had experience with VRBO and ABB

—————-Thanks Michael,I was actually thinking about the same issue with the capital gain.

The issue with someone porting into your area from someplace else is that they almost never have income when they move. 

This is an older home that could potentially still have maintenance issues.

You or contractor/handyman come out and diagnose issue and order part.

In other words, millions of dollars in the hope that you can get your policies approved in the states you want them issued.

I would rather have 4 Class A properties than 20 Class C properties (20 roofs to replace, HVAC, more tenant issues, property management fees, AC unit stolen, etc).Wealth from real estate is built on appreciation and equity - look at all the multi-millionaires in coastal California whose property values have gone up dramatically over the years and our property taxes increase 2% a year from the base value (Proposition 13) compared to other states whose taxes go up a lot.

I’ve also managed units where on our renewal rate we did reduce the rent from the prior year, but for other reasons, such as the prior year of the tenant having a washer and dryer, and a major plumbing issue with the building, preventing us from offering it the following year so we did a reduction.

Most are fine with that, but a few will have problems with it and claim there are legal issues, etc..